Oliver Smiddy
.jpg "PWC: European banks sold €18 billion of commercial RE loans in 2013")
Commercial real estate loans accounted for the largest amount of non-core loans sold by European banks last year, according to PwC’s latest findings.
European banks are increasing the pace at which they offload non-core loans, with 2013's total 40% higher than 2012's and a further increase due this year, PwC says.
.jpg "Hayfin raises €3bn for direct lending")
The London-headquartered manager has raised the bar with its direct lending fund, which closed on €2bn after 14 months on the road. In addition, it raised €1bn for the strategy through separate accounts, PDI can reveal.
BDCs are, like floral print dresses (hey – we read style magazines too), very much in vogue at the moment. Here’s why.
.jpg "TPG readies BDC listing")
TPG Specialty Lending will go public this week on the NYSE in a listing which could raise up to $119m.
The buoyant high yield markets continue to lure yield-hungry investors, as well as sponsors rushing to (re)finance deals. But now, as a result of the boom, covenant quality is at a record low.
.jpg "Study: CRE debt offers core-like returns")
Real estate debt funds can deliver returns on a par with core real estate equity investing with less risk, particularly if they seek out opportunities outside primary locations, according to a Partners Group report, PDI can exclusively reveal.
.jpg "Morgan Stanley veteran joins Cordet")
The firm, founded by ex-Morgan Stanley banker Jakob Lindquist, has hired John Travis.
The London-headquartered asset manager has also hired Lynn Gilbert from Renshaw Bay to lead origination activity.
In a piece published in the Wall Street Journal this week, Blackstone president Tony James sought to differentiate 'market-based lenders' - private debt funds to you and me - from banks. But will his bid to stave off regulatory scrutiny be successful?